Costco Selling $1 Million Diamond Ring

Costco has raised eyebrows with its latest offering–a 6.77 ct., D IF solitaire ring in a platinum setting, selling for $1 million.

The ring is the highest value diamond item the discount retailer has been known to sell. Currently, only one is available, and it does not appear to have sold.

The diamond comes with reports from both the Gemological Institute of America and International Gemological Institute. The IGI report lists the ring’s “estimated retail replacement value” as $1.6 million.

Costco could not be reached for comment at press time. However, a company executive told WalletPop Costco sells about “100,000 carats of diamonds a year.”

The company’s largest diamond ring sales can reach into the $200,000 to $300,000 price range, he added.